The clearance rate dropped since last weekend which is presenting good opportunities for buyers.  That being said, quality properties ticking all the investment boxes are still selling well under competition.
This weekend a clearance rate of 65% was achieved from 891 auctions. Of those properties, 478 sold and 316 were passed in, 149 of those on a vendor bid. There were also 285 private sales over the past week.
This weekend, budget properties saw increased demand as seen by the solid clearance rate for units of 67 per cent, compared to 60 per cent for houses.
It will be interesting to see what the Federal Budget announcement brings tomorrow and whether any infrastructure boosts could have any impact on properties prices in particular areas.

Kind Regards,
The Team at Elite.


7 Willow Street, Elsternwick. Sold for $2,485,000. 
Recreated in 2016 on The Block, this stylish Edwardian attracted about 70 onlookers to the auction. With four bedrooms and three bathrooms, and a very high-profile renovation that attracted swarms of people through inspections, it was surprising that the auctioneer on Saturday could not tempt any hands to rise. It was only when the property passed in on a vendor bid of $2.3 million, that the buyer emerged and eventually negotiated the sale price of $2,485,000.

2 Goodwin Street, Preston. Sold for $965,000. 
Designed with arched windows to complement the adjacent former church, this light-filled freestanding three-bedroom residence sold in minutes. It took six bidders and 25 bids, to help push the price $115,000 past the reserve. Quoted at $800,000 – $850,000, the property sold to a brother and sister pair who purchased on behalf of their parents.

9A Pasadena Avenue, Beaumaris. Passed In. 
Set over three levels, this extraordinary four bedroom residence, also the former bachelorette Georgia Love’s family home, went under the hammer on Saturday. A crowd of about 30 people gathered to watch the auction, but bids were difficult to attain.  Two genuine bids topped two vendor bids of $1.8 million and $1.9 million before the house was passed into one bidder for $1.925 million. Negotiations continued after the auction.

This weekend Melbourne achieved similar results as last weekend, with marginally more properties going under the hammer.
This weekend a clearance rate of 67% was achieved from 703 auctions. Of those properties, 394 sold and 234 were passed in, 104 of those on a vendor bid. There were also 332 private sales over the past week.
The market is still fairing strong in the sub $1 million price range, with first home buyers snapping up the more affordable properties. In the $2 million-plus market, there has been less stock available, however, we expect to see auction numbers rise again in early May although we are experiencing a shortage of supply again this month.

Kind Regards,
The Team at Elite.


77 Ballarat Street, Yarraville. Sold for $1,215,000
This two bedroom house on 330sqm (approx) in the heart of Yarraville village, sold under the hammer for $10,000 above the reserve in front of a crowd of 60 onlookers. The auction commenced with a vendor bid of $1.05 million, which was met by a $10,000 rise from a young family. Bidding slowly continued with $5,000 rises between two families and an investor. But it was a couple moving from St Kilda after migrating from the UK who won the keys with their $1,215,000 final bid.

5 Collingwood Street, Sandringham. Sold for $2,216,000. 
This California bungalow was last on the market in 1980, when it sold for $42,500. Stretched out on an approx 58’/17.68m frontage amongst the premier homes of this established blue-chip locale. In front of 50 onlookers, four bidders battled to become the new owners. With steady bidding for about 15 minutes, the eventual purchasers only contributed three bids before walking away with the keys. 

4/88 Roslyn Street, Brighton. Sold for an undisclosed price. 
This well-positioned townhouse (villa unit) struggled to achieve some active bidding at auction.  Two bidders participated from $900,000 to $990,000 where the property then passed in.  The final price is undisclosed but sold not too far away from where the property passed in.   The stairs into the property may have deterred the downsizer market from pursuing this property.  

A relatively small number of auctions were held this weekend, and the cold conditions may have affected attendance at auctions.
This weekend a clearance rate of 67% was achieved from 663 auctions. Of those properties, 376 sold and 217 were passed in, 103 of those on a vendor bid. There were also 311 private sales over the past week.
Fewer bidders at auctions across Melbourne is becoming a trend, except in the lower priced properties where the first home buyers are heavily contested.
Despite the reports of a softening market, between January and March, there were a total of 8551 auctions held in Melbourne, up from 7903 last year.

Kind Regards,
The Team at Elite.


33 Marquis Road, Bentleigh. Sold for $970,000
About 60 onlookers gathered in the rain to see the 3 bedroom, freestanding unit go under the hammer on Melbourne’s first true Autumn Saturday. Bidding opened at $830,000, and the first bidder dropped out at $930,000 just before it was announced on the market at $935,000. A third bidder joined in, but it was the second bidder who firmly stood his ground and won the keys at a healthy $970,000 – $50,000 over the reserve

11 Haslemere Road, Mitcham. Sold for $1,210,000 
Situated in one of Mitcham’s finest leafy streets this truly unique property on a flat corner allotment of approx. 1068 square metres,  features three separate dwellings. Bids were flying for 45 minutes from three bidders hoping to become the new owners of this clinker brick home. The hammer was finally brought down for $10,000 above the reserve to a local family.

59 Donald Street, Prahran. Sold for $1,765,000 
This comprehensively renovated single-fronted Victorian house sold for $175,000 above the reserve with strong bidding from four bidders. In 2009 the property sold for $730,000. It was a generous couple who won the keys for their son who will live there after finishing his studies.

Another Super Saturday brings a steady clearance rate for the Melbourne property market ahead of the Easter long weekend.
This weekend a clearance rate of 67% was achieved from 1468 auctions. Of those properties, 490 were passed in, 242 of those on a vendor bid. There were also 389 private sales over the past week. Units achieved a 68% clearance rate, and houses resulted in a 66% clearance rate across the city.

Similar auction volumes of 1428 happened on the same weekend last year, however last year’s clearance rate on the same weekend was 81%.
With next weekend’s Easter break, auction activity will be minimal. Our market wrap will return in two weeks. Have a great Easter!

Kind Regards,
The Team at Elite.


56 Regent Street, Elsternwick. Sold for $1,950,000 
Four bidders contested this stunning double fronted Victorian three-bedroom home on Saturday. Perfectly positioned just several doors down from the ‘The Block 2017’, the property is conveniently located just 5 minutes’ walk from Elsternwick station, Glenhuntly Rd eateries and elite schools. The auction commenced with a $1.46 million bid, and was announced on the market at $1.77 million. But it was a late bidder who secured the property with a final knockout $10,000 rise after a series of $1,000 offers.

21 Roberts Street, Keilor East. Sold for $1,600,000 
A four-bedroom single-level home delivering an exceptional family lifestyle of luxury and versatility in a sought-after Keilor East pocket had three auction bidders fiercely competing to become the new owners. It was a young family who took the keys after outbidding two other groups. The sale price was $120,000 above the reserve.

622 Bridge Road, Richmond. Sold for $1,460,000
Originally the site of the Richmond Racecourse in 1907, this clinker brick English cottage was established in 1941 as part of Richmond’s first housing commission estate. The three-bedroom house received bids from two parties, but it passed in on a $1.425 million vendor bid. The property sold for $10,000 above the reserve shortly after the auction.

The autumn market is already gaining strong momentum, and really setting things up for anothe strong year of growth for the Melbourne property market.

There were 1198 auctions in Melbourne, with 883 selling and 211 being passed in, 104 of those on a vendor bid. In addition to the auctions, there were also an additional 334 private sales. The result, was a very strong 81% clearance rate.

The results so far for 2017 have been the strongest start to the year we have seen. Demand is high, however there has been a plenty of stock hitting the market, which indicates that there is still plenty of underlying demand for Melbourne property.


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Price: $895,000

Address:  2/40 Embankment, Chelsea

On its own title and with no body corporate this 3 bedroom 2.5 bathroom located at the back of a block is a rare find. Around 60 people crammed into the driveway to see the opening bid of $690,000 be outdone by a second bidder offering $770,000. The two bidders helped the property get announced on the market at $785,000. Two new bidders then joined in, pushing the price well over $800,000. At $880,000 the bids slowed down to $1,000 rises until it was sold for $895,000.


Price: $1,980,000

Address: 220 Victoria Road, Northcote

A three bedroom period home on a corner block of approximately 608sqm, near leisure centres, shops, parks and transport, reached a price $380,000 above the reserve on Saturday. It was a battle of seven bidders, and the hammer was brought down to a developer who secured the property after outbidding a would-be buyer who intended to live there. The sale price of $1,980,000 was a new record for Victoria Road.


Price: $955,000

Address: 11 Isabella St, Parkdale

With two large living zones plus a sun-bathed north-easterly courtyard, this two bedroom, two bathroom villa with a double garage and street frontage attracted a crowd of 100+ people to the auction. A price guide of $720,000 – $790,000 saw multiple downsizers, investors and young owner occupiers vying for the keys. Located near shops, train and a short walk to the beach, the property received an opening bid of $760,000. Six would-be buyers were in the crowd, but only two bidders were able to put their hands up. On the market at $860,000 and sold to a downsizer for $955,000.

 

The first Super Saturday of 2017 delivers a strong clearance rate, indicating a very healthy property market. A new record has been made for the highest number of auctions held on a single February weekend.

There were 1198 auctions in Melbourne, with 983 selling and 215 being passed in, 85 of those on a vendor bid. In addition to the auctions, there were also an additional 297 private sales. The result, was a solid 82% clearance rate.

Interestingly, CoreLogic have reported that 33 Melbourne suburbs have achieved a one hundred per cent clearance rates for 2017.

There is speculation that the Reserve Bank will soon be putting interest rate up in early March. A red flag is that some banks have pre-emptively started to put rates up to insure against the rising cost of home lending and regulatory action.

Next week will be the first test of the autumn market in Melbourne.


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Price: $1,351,000

Address: 25 Dickmann Street, Richmond

A small crowd of 25 people showed to watch the auction of this three level, three bedroom house located in a very convenient and popular part of Richmond. There were six bidders trying to secure this trendy piece of real estate, after an opening vendor bid of $1,000,000. The bids came slowly and the property was annoucned on the market at $1.27m and sold for $1.351 under the hammer.


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Price: $730,000

Address: 1/34 Park Street, Moonee Ponds

A vendor bid of $600,000 opened the auction of this two bedroom attractive front villa – ideally situated in one of Moonee Ponds’ most exclusive streets. From the crowd of 80, a man offered $610,000 putting it immediately on the market. Three bidders pushed the price up to $727,000 until only one bidder was remaining, and a fourth bidder added a single bid of $730,000 to win the keys.


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Price: $691,000

Address: 5/46 Fewster Road, Hampton

Popular with downsizers, this single level two-bedroom villa in a driveway of only six attracted a crowd of 50 to the auction. A vendor bid of $600,000 opened proceedings, and the next bid was slow to arrive at $620,000. Three bidders battled it out for this well positioned property with views of Sandringham Athletics track. The villa hit the market at $675,000 abs the hammer was brought down to a young couple for $691,000.

This weekend the clearance rate holds steady as the auction numbers doubled.

There were 846 auctions in Melbourne, with 681 selling and 186 being passed in, 79 of those on a vendor bid. In addition to the auctions, there were also an additional 308 private sales. The result, was a solid 79% clearance rate.

Stock levels may have doubled this weekend, bringing more choice for buyers, but there is still opportunity for buyers to grab property before auction. Some suburbs are experiencing a surge in off-market sales, due to red-hot demand.

This month there is an expected 3,100 home going under the hammer in Melbourne, which is an increase of three per cent on February last year.


Price: $980,000

Address: 135 Franklin Street, Eltham

A four-bedroom family home with a quiet, leafy outlook and three living areas attracted three bidders to the auction. The pre-auction price guide was $820,000 to $900,000 and one bidder dropped out in the high $800,000’s leaving two other contenders to continue pushing the price up. A local family, looking to upsize, paid $100,0000 above the reserve.


Price: $1,661,000

Address: 30 Plummer Road, Mentone

This well maintained and renovated three-bedroom clinker brick home, in a premium beachside locale, attracted interest from downsizers and young families. With four bidders vying for the keys, the price quickly sailed past the reserve of $1.5 million. The last bidder to enter the auction walked away with the keys for $1.661 million.

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Price: $1,721,000

Address: 7 Grange Road, Mont Albert

Designed by Fasham Johnson which often prove to be popular with buyers due to their unique architecture, the auction started slowly with the auctioneer getting things underways with a vendor bid of $1.5m.  Three bidders contested with lady determined to win the keys. The property was announced on the market at $1.65m and sold for $1.721m.  $71,000 over reserve.

Melbourne’s auction market has delivered another steady, yet strong result as we plunge into 2017.

There were 444 auctions in Melbourne, with 361 selling and 83 being passed in, 30 of those on a vendor bid. In addition to the auctions, there were also an additional 329 private sales.

Last Tuesday, as expected, the RBA, left rates on hold for the fifth consecutive month, at the record low 1.5 per cent. For buyers, this brings a great opportunity to step into or step up in the Melbourne property market.

The early 2017 market has already seen some strong results, but next weekend buyers will have far more choice. An expected 900 properties have auctions scheduled next weekend, double what we have seen in the past couple of weeks.


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Price: $1,005,000

Address: 40 Mernda Avenue, Bonbeach

Featuring three bedrooms, a studio, a tandem garage and ample outdoor space, this property located minuted from Carrum station, shops and the beach attracted seven bidders. Bidding took off quickly which pushed the sale price $205,000 above the reserve. It was a young couple with a three week old baby who won the keys.


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Price: $426,000

Address: 43 Wilgah Street, Thomastown

Marketed as the ideal first home, or investment, or downsizing opportunity. This two bedroom, one bathroom close to the Ring Road, local schools, shopping centres, parks, train station and other forms of transport provides an affordable option not too far from the city. Six bidders helped push the selling price up $26,000 over reserve when the hammer was brought down at $426,000.


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Price: $1,260,000

Address: 7 Browning Street, Moonee Ponds

A three bedroom terrace known as “Carringbush” evokes enticing Victorian splendour from its highly sought after coveted Poet’s Corner address. Two home buyers bid at the auction from $1.05 million to $1.19 million, however it was passed in to the highest bidder. The property sold minutes after the auction for $1.26 million.

Melbourne’s auction market got off to a strong start over the weekend as buyers enjoyed the choices available as more listings have recently arrived on the market.

There were 192 auctions held in Melbourne on Saturday, and in the 7 weeks from 19 December 2016 to 5 February 2017 a clearance rate of 79 per cent was recorded. Of the 421 auctions reported, there were 333 sold and 88 passed in, 39 of those on a vendor bid. There were 1428 private sales recorded.

The Reserve Bank of Australia will meet for the first time for 2017 this week to decide the level of official interest rates for February. Economists are expecting that the RBA will likely be leaving the rates on hold for the fifth consecutive month.

The auction activity is increasing throughout this month with more than 1,400 auctions due to be held in the last week of February. Nearly 500 auctions are expected for next week.


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2/96 Cooper Street, Essendon sold for $911,000

This spacious three bedroom, two bathroom villa opposite Buckley Park attracted 55 people to the auction. Pre-auction interest was around $750,000 for this middle villa with a double garage in a block of only three. With an opening bid of $650,000 the auction took off from there, with five bidders jumping in. At $830,000 the property was on the market, and the fifth bidder took the price up to $900,000. But it was a young couple who stayed in, and won the keys for $911,000.


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6 Merrett Avenue, Hoppers Crossing sold for $475,000

Over the past twelve months there has been a considerable increase in interest in family homes under $600,000.  This three-bedroom house positioned on a generous 585m2 (approx.) parcel of land sold for the first time since it was built 42 years ago. There were four bidders vying for the keys to the property which easily reached its reserve price of $460,000. It was a local family who were successful at the auction for a price of $475,000.


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2 Blyth Street, Murrumbeena sold for $1,421,000

The potential of this three bedroom plus study timber house attracted a range of would-be owners including developers and home buyers. Sitting on approximately 760 square metres of land, the home sold for more than $171,000 above the reserve. The property last sold in 1978 for $36,000, and on Saturday two bidders pushed the price up to $1.421 million.  This equates to an annual capital growth of over 10% per annum over the 38 year period.

This month looks set to break the December auction records with almost 4000 homes set to go under the hammer, almost 200 more than 2015. This week Melbourne’s auction market had a clearance rate of 80 per cent from 1264 auctions reported. There were 1014 selling and 250 being passed in, 99 of those on a vendor bid. In addition to the auctions, there were also 321 private sales reported.

Despite a huge surge in listings, the weekend achieved a two month high clearance rate of 80.7%. The best performing area this week was the south eastern suburbs – with a clearance of 90%.

As expected, The Reserve Bank of Australia, left interest rates on hold again at the record-low 1.5 per cent at its final meeting of the year last week. The next RBA meeting will be in February.

Next week is the final auction weekend of the year and it will be the highest final weekend offering ever experienced in Melbourne, with more than 1000 properties going under the hammer.


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73 Creek Street, Mitcham.  Sold for $1,130,000.

Set on approximately 762sqm of land with a 17.86m frontage in one of Mitcham’s sought after streets, this beautiful clinker brick home sold for $180,000 above reserve on Saturday. A first-home-buyer couple beat four other bidders to win the keys of this three-bedroom house. Two other would-be buyers didn’t even get a chance to raise their hands in this fast paced auction.


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39 Henry Street, Kensington.  Sold for $1,455,000.

This double fronted Victorian with a large rear garden – a sanctuary of serene greenery in a prized inner city precinct and only moments from the cafes of the Kensington Village, attracted 3 bidders to the auction. The three bedroom property sold for $55,000 above the reserve after being declared on the market at $1.4 million.


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13 St Vincent Place, Albert Park.  Sold for $5,100,000.

The elegance of the Victorian era and the excellence of modern spaces are compatibly combined throughout this spectacular terrace, circa 1870. The sought after address opposite St Vincent Gardens had three bidders at the auction and fetched a hefty price tag. The hammer was brought down at $5.1 million.

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